By Tiernan Ray

Here are some things going on this morning in your world of tech:

Shares of Salesforce.com (CRM) are down $1.88, or almost 4%, at $51.01, despite yesterday afternoon beating fiscal Q1 expectations and offering a view for this quarter’s revenue and the full year’s results that topped consensus.

There are no ratings changes this morning, that I can see, and price targets are either staying put or going down, in some cases, even though estimates are going up. Analaysts are dazzled with cash flow in the quarter, up 67%. Morgan Stanley’s Keith Weiss reiterates an Overweight rating, and a $79 price target, while writing that “67% YoY growth in operating cash flow should go a long way towards appeasing investor apprehension around the name.”

Perhaps more characteristic of the mood, Canaccord Genuity’s Richard Davis, while reiterating a Buy rating, cut his price target from $80 to $65, writing that “We would build or expand positions in CRM shares because we believe this firm has the highest quality franchise among cloud software firms” and that the “stock’s valuation looks reasonable at 35x 2015E EV/FCF for a 25-30% grower” but that “We are slightly lowering our CRM price target to reflect the broader valuation correction in cloud software.”

Analysts are still poring over Cisco Systems’s (CSCO) “CiscoLive!” partner and customer show in San Francisco this week, which was accompanied by a special segment for financial analysts yesterday.

Stifel Nicolaus’s Sanjiv Wadhwani reiterates a Buy rating this morning, and raises his price target to $28 from $25, after reviewing the company’s discussion of “Application-centric infrastructure,” or ACI, its answer to software-defined networking (SDN), writing that “Overall, we were pleasantly surprised to see both Goldman Sachs and Rackspace, both VMWare (VMW) NSX customers supporting ACI. We continue to believe that NSX only has around five paying customers and that count is perhaps down to three.”

Cisco shares are up 31 cents, or 1.3%, at $24.43.

Speaking of Cisco, shares of Red Hat (RHT) are up 40 cents, or 0.8%, at $50.13, after The Register made a special podcast for the Cisco Live show in which host Greg Knieriemen asserted, “Cisco could potentially acquire Red Hat — I don’t think it’s entirely out of the realm of possibility.” A guest remarked “Red Hat makes a lot of sense” as a target given that the company’s Linux distribution runs in “every data center out there.”

Shares of Internet bandwidth provider Akamai Technologies (AKAM) are up $1.13, or 2.2%, at $53.37, despite what would appear to be an ominous article yesterday from Dan Rayburn of the Streaming Media Blog stating that Apple “is currently negotiating paid interconnection deals with some of the largest ISPs in the U.S.” as part of the company’s effort to “build out their own CDN [content delivery network.]”

Apple has long been one of the major customers of Akamai’s CDN service.

Speaking of Apple, analysts are still evaluating Microsoft’s (MSFT) unveiling yesterday of its iPad alternative, the “Surface Pro 3” tablet computer. Morgan Stanley’s Weiss, who has an Equal Weight rating on Microsoft, writes that the presentation in New York was “all about laptop replacement,” and, more specifically, “Targeting the Mac,” referring to Apple’s laptop line.

“Microsoft notably distanced the Surface Pro 3 from the iPad,” writes Weiss, “making comparisons instead directly to the Macbook Air, which poses more direct competition to its Windows business.”

CNBC’s David Faber interviewed Liberty Media (LMCA) CEO Greg Maffei a short while ago, and asked why they were pushed aside in a bid for Time Warner Cable (TWC), which, of course, is in the midst of trying to be bought out by Comcast (CMCSA).

“Charter didn’t get left out, and I don’t think Charter and Liberty are disappointed,” said Maffei. “I think Charter showed Time Warner Cable’s vulnerabilities.”

Added Maffei, “If you said a year ago that Charter was going to nearly double its size, reconsolidate its businesses, and swap into a much more concentrated footprint, that we would do that at 7 times Ebitda, that we would issue stock at 9 times Ebitda, … I think we would have come in here and said, ‘home run! could be better’.”

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.